Customers Bancorp (NYSE:CUBI) Price Target Cut to $55.00 by Analysts at Piper Sandler

Customers Bancorp (NYSE:CUBI - Free Report) had its price objective trimmed by Piper Sandler from $61.00 to $55.00 in a research report released on Monday, Benzinga reports. The brokerage currently has a neutral rating on the bank's stock.

CUBI has been the topic of a number of other reports. Raymond James lowered their price objective on Customers Bancorp from $80.00 to $70.00 and set a "strong-buy" rating on the stock in a research note on Wednesday, October 2nd. DA Davidson increased their price objective on Customers Bancorp from $71.00 to $79.00 and gave the stock a "buy" rating in a report on Monday, July 29th. B. Riley upped their price target on Customers Bancorp from $77.00 to $78.00 and gave the company a "buy" rating in a research report on Monday, July 29th. Keefe, Bruyette & Woods lowered shares of Customers Bancorp from an "outperform" rating to a "market perform" rating and cut their price objective for the company from $57.00 to $52.00 in a research report on Monday. Finally, Hovde Group cut shares of Customers Bancorp from an "outperform" rating to a "market perform" rating and set a $49.00 price objective for the company. in a research note on Friday, August 9th. Four research analysts have rated the stock with a hold rating, three have assigned a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat, the stock currently has an average rating of "Moderate Buy" and a consensus price target of $61.88.

Customers Bancorp Stock Performance

Shares of Customers Bancorp stock traded down $0.02 during mid-day trading on Monday, hitting $45.66. 404,272 shares of the stock were exchanged, compared to its average volume of 364,460. The company has a market capitalization of $1.45 billion, a P/E ratio of 7.51 and a beta of 1.61. The company has a debt-to-equity ratio of 0.75, a quick ratio of 0.91 and a current ratio of 0.93. The company has a 50-day simple moving average of $47.26 and a 200 day simple moving average of $48.94. Customers Bancorp has a 12 month low of $40.61 and a 12 month high of $68.49.

Customers Bancorp (NYSE:CUBI - Get Free Report) last announced its quarterly earnings data on Thursday, October 31st. The bank reported $1.34 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $1.43 by ($0.09). The business had revenue of $167.10 million during the quarter, compared to the consensus estimate of $191.61 million. Customers Bancorp had a net margin of 15.22% and a return on equity of 13.79%. The firm's revenue for the quarter was down 23.2% compared to the same quarter last year. During the same quarter last year, the company earned $2.59 EPS. Sell-side analysts anticipate that Customers Bancorp will post 6.11 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other news, CEO Samvir S. Sidhu acquired 2,500 shares of Customers Bancorp stock in a transaction dated Tuesday, August 13th. The shares were purchased at an average cost of $45.53 per share, for a total transaction of $113,825.00. Following the transaction, the chief executive officer now owns 144,504 shares of the company's stock, valued at $6,579,267.12. This trade represents a 0.00 % increase in their ownership of the stock. The purchase was disclosed in a legal filing with the SEC, which is available through the SEC website. Corporate insiders own 6.92% of the company's stock.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently bought and sold shares of the business. Ridgewood Investments LLC bought a new position in shares of Customers Bancorp during the 2nd quarter valued at $48,000. Innealta Capital LLC bought a new stake in shares of Customers Bancorp in the 2nd quarter valued at about $74,000. GAMMA Investing LLC boosted its holdings in Customers Bancorp by 21.7% during the 3rd quarter. GAMMA Investing LLC now owns 1,580 shares of the bank's stock valued at $73,000 after acquiring an additional 282 shares during the period. CWM LLC lifted its position in Customers Bancorp by 14.2% in the third quarter. CWM LLC now owns 2,198 shares of the bank's stock valued at $102,000 after purchasing an additional 274 shares during the last quarter. Finally, Ashton Thomas Private Wealth LLC purchased a new stake in shares of Customers Bancorp during the second quarter valued at approximately $151,000. 89.29% of the stock is currently owned by institutional investors.

About Customers Bancorp

Customers Bancorp, Inc operates as the bank holding company for Customers Bank that provides financial products and services to individual consumers, and small and middle market businesses. The company provides deposit banking products, which includes commercial and consumer checking, non-interest-bearing and interest-bearing demand, MMDA, savings, and time deposit accounts.